Citi analyst Spiro Dounis upgraded Oneok to Buy from Neutral with a price target of $72, up from $71. The analyst believes the company is well positioned to achieve the high end of its 2023 guidance range. Increasing rig counts, improved ethane recovery economics, and the potential for reduced third-party frac fees once MB-5 enters service "all present upside," the analyst tells investors in a research note. The firm does not believe the Street consensus properly reflects Oneok’s "torque to volume growth," particularly following the recently announced OPEC+ output cut.
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Published first on TheFly
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